My concern is for the long term state of technical knowledge in the profession. For decades, firms have employed and developed a lot of new guys. That's a big part of how knowledge is spread down the line. There's probably a critical amount of new blood that's required to keep the profession going. If these tools cause a 5x drop in the number of required new guys, that might cause us to dip below that critical amount.
Currently, some percentage of knowledge is held by engineers, some by academics, and some by programmers. I could see that balance changing, so almost all technical knowledge is held by academics, programmers, and AGI. I don't know what terrible thing would happen, but that doesn't sound good.
This isn't like manual drafters going extinct. Manual drafters were never the keepers of the technical knowledge.